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80c deduction

Arundhati Raychaudhuri (no designation) (340 Points)

20 July 2014

A relative of mine invested 6 lakhs in a SBI Term Deposit for 5 years in the month of april last year. How much 80C deduction can he avail for the f.y. 2013-14?

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18 Replies

Stranger (.) (5531 Points)
Replied 20 July 2014

If it's a tax savings FD of SBI, a maximum deduction of Rs.1 lakh can be claimed u/s-80C for the A.Y. 2014-15, provided it shouldn't be withdrawn before 5 years due to its lock in period criteria.

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(Guest)

Agreed with above reply .

surender prajapati (article) (28 Points)
Replied 20 July 2014

agreed with above reply

Arundhati Raychaudhuri (no designation) (340 Points)
Replied 20 July 2014

nothing is mentioned in the FD certificate whether it is tax saving or not.

CA Nitin Jain (Jaipur) (72 Points)
Replied 20 July 2014

It should be tax saving FD.

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C.Vadan (Audit & Tax Manager) (26 Points)
Replied 20 July 2014

Fixed Deposit for the 5 years lock in period , Investmeant amount claim in 80 C

C.Vadan (Audit & Tax Manager) (26 Points)
Replied 20 July 2014

Why I am not able to reply somebody queries.

CA. Nilesh , OM (Practice) (22 Points)
Replied 20 July 2014

Agree with above reply...

Stranger (.) (5531 Points)
Replied 21 July 2014

@ Arundhati Raychaudhuri : Ur relative has to confirm whether the FD is tax saving or not from the bank officials of SBI.. Hope ur doubt is cleared now arundhati ji..

Stranger (.) (5531 Points)
Replied 21 July 2014

@ Arundhati Raychaudhuri : Ur relative has to confirm whether the FD is tax saving or not from the bank officials of SBI.. Hope ur doubt is cleared now arundhati ji..

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Pooja Kaim (Assistant Accountant) (25 Points)
Replied 21 July 2014

can 80 c deduction b claimed every year on it till lock in period ends

Sha (engineer) (25 Points)
Replied 21 July 2014

Hi,

Reagrding form 16. HRA and Invertment are not deducted from my form 16. so Tax has deducted becuase of that.

So in that case, Which ITr form i have to fill and what all the document proof i have get and send.

Please reply. Thank you very much in Adv. !

CA PRIYUL SHAH (JOB) (901 Points)
Replied 21 July 2014

Maximum Up to Rs.1 Lakh if elegible U/s 80C

Stranger (.) (5531 Points)
Replied 21 July 2014

@ Pooja Kaim : Deduction u/s-80C is available on payment or invetment(s) made every year & not during the whole lock in period. Like if u have made investment in tax savings FD which have 5 years lock in period, u can claim deduction u/s-80C for the first year only & not in all the five years. Similarly in life inusrance policies, u have to pay the premium every year to claim deduction in each year & even after 2 years of lock in period, u can claim the deduction provided u continued ur premium payment..